A financial advisor in New York has always impressed me because she has little or no staff turnover. I think in 25 years she has only had three assistants. She explained the importance of taking time to learn what's important to people instead of assuming the solution is always "pay more money." Here are some things that could be important to your key employees:

Continuing education. The key employee might be taking college courses in their spare time. Perhaps they are working towards an advanced degree. Paying part or all of the tuition costs and allowing flexible hours for studying at exam time can make a difference.
Instilling company values in others. Some key employees are proud of their firm and enjoy training new hires in the values and culture along with how to do the job efficiently. They are thankful for their career and want to instill the same value in others. They can be very happy running the office orientation and training program.
Industry recognition. Some prize their professionalism. They join the industry trade group, run the local chapter and want to attend the regional and national conference. They see themselves as representing the firm. They can be very loyal if you absorb their membership dues and the cost to attend conferences. You give them time to attend meetings and perform their association responsibilities. You showcase them in office meetings, asking them to report on conferences.

In these cases you have identified something more important than money. Often, it's an activity. You have supported and sponsored their interest.

Instant Insights /

How to retain key employees? (It's not always about money)

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